Fraud and Wall Street… the two go hand and hand and today was no exception.

Andrew Caspersen of PJT Partners was charged with a $95 million scheme to defraud investors, according to reports.

Caspersen, 39, was arrested on Saturday and is expected to appear in federal court later on Monday. His lawyer did not immediately respond to a request for comment.

Prosecutors said that beginning in July 2015, Caspersen fraudulently solicited investments by falsely claiming he had authority to conduct deals on behalf of his employer with another private equity fund.

Authorities said Caspersen obtained $25 million from a foundation affiliated with a New York hedge fund and one of the fund’s employees claiming their investment would be secured by $900 million of assets of Irving Place Capital Partners III SPV.

Instead, Caspersen took control of the funds for his own use, trading securities in his personal brokerage account, and largely lost the money due to aggressive options trading, prosecutors said.

Shortly before his arrest, Caspersen sought another $20 million from the same foundation and $50 million from another New York private equity firm, prosecutors said.

PJT said it was “stunned and outraged to learn of the fraudulent circumvention and violation of the firm’s compliance policies and ethical standards.”

Shares of PJT collapsed over 20% on the news before recovering modestly.